As the trade media continues to focus on the still-fragmented activity in mobile proximity payments and the mobile wallet at the point of sale (POS), financial institutions are being distracted from the real and immediate opportunities within mobile payments. Consumers are using mobile payments to make deposits, pay others and pay bills, and estimates forecast these types of payments will grow whether or not they are facilitated by financial institutions. It’s important for financial institutions to invest now in a full range of mobile banking and payments offerings to position themselves to compete with the ever-growing number of non- traditional players providing mobile payment solutions. Financial institutions that focus more attention on mobile payments beyond the POS will reap the rewards of higher customer retention and compelling returns on their investment.
